ANZ staff lend 90pc no lmi?

Discussion in 'Property Finance' started by cadence, 17th Jun, 2015.

  1. cadence

    cadence Member

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    Hi everyone

    Does anz offer its staff 90pc lend without lmi?

    What's the full policy? Eg How long do you have to work there before you get that, does it apply to ppor only or can you use it for IP too?

    Thank you in advance
     
  2. Shahin_Afarin

    Shahin_Afarin Finance Broker

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    Yep 90% no LMI.

    If you are permanent part time or full time then you just need to be employed for at least 3 months.

    If you are a casual then you need to be employed for at least 6 months.

    You need to go direct to ANZ via branch or mobile banker - deal cannot be submitted via a broker.
     
  3. cadence

    cadence Member

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    Thanks shahin

    Does the staff get the same interest rate as members of public?
     
  4. Kinnon Bell

    Kinnon Bell Member

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    When I worked for a bank (not ANZ) the staff rate with LMI waiver wasn't quite as good as the 'normal' customer package rate but there were other benefits that helped offset that.

    Just need to make sure you don't go past the tipping point where you'll be paying more for the waiver in the long run then if you coughed up the LMI upfront.
     
  5. Shahin_Afarin

    Shahin_Afarin Finance Broker

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    Yep its the same. The benefit is just going to be the LMI waiter which IMO is huge and you should definitely consider taking advantage of it (assuming it fits your longer term strategy).

    Their LMI waiver is much better than some of the other lenders' policy like Westpac.
     
  6. cadence

    cadence Member

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    Thank you shahin!
     
  7. cadence

    cadence Member

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    If I go see a lending manager in anz and provide them with my info (eg assets and liabilities) , that info wouldn't get passed onto my boss would it?

    Prefer to keep my Fincancial affairs private and not become shared at work

    What's Westpacs policy like just out of interest
     
  8. cadence

    cadence Member

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    Thanks kinnon!

    That's a good point. Will consider :)
     
  9. Shahin_Afarin

    Shahin_Afarin Finance Broker

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    Your boss wont know you have even applied for a loan.

    Westpac is max 85% for IO and 90% for P&I. Funny thing is that a Westpac employee can get 90% for both IO and P&I with St George.
     
  10. sumterrence

    sumterrence Member

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    LOL so are you ANZ or Westpac?

    Westpac policy is the same, 90% LVR without LMI, but if you are doing 90% you need to do P&I repayment, you can do I/O if you do 85% or below.
     
  11. Kinnon Bell

    Kinnon Bell Member

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    What's in the rule book and what happens in real life are a bit different....

    I didn't bank at the bank I worked at for that reason. Other than someone's moral code and adherence to rules there's nothing stopping them from looking at your customer profile.
     
  12. sumterrence

    sumterrence Member

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    Correct :cool: I used to have my loans with St George doing 90% I/O, but that's not something that supposed to happen and try not to promote this glitch too much otherwise they might change the process, I know how to do it and how it's been done but I'm not going to share it :p
     
  13. Shahin_Afarin

    Shahin_Afarin Finance Broker

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    Its not a secret and its not hard to do.

    They have different policies and they share assessors so they know each other's policies and rules.
     
  14. Shahin_Afarin

    Shahin_Afarin Finance Broker

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    Most banks have codes on their files - so if you look into the file it sent an alert. Mostly common on celebrity accounts.

    Other than morally wrong - it would be silly for someone to go into someone else's account.
     
  15. sumterrence

    sumterrence Member

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    Well any lenders in St George will need to advise their customer if they do 90% they need to do P&I, and when they submit the loan it has to be P&I also. It is just a different policy procedure between Westpac and St George that is allowing St George to change the loan structure back to I/O once it's been draw down after 1 month. so yes it is some sort of secret that should not be action but than it is hard to monitor once it's been action due to the procedure that involve in switching.
     
  16. sumterrence

    sumterrence Member

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    Also just want to clarify I'm not trying to have a dig in "who knows more" but to point out it is do-able but you're not supposed to. ;)
     
  17. Shahin_Afarin

    Shahin_Afarin Finance Broker

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    Not sure where you are getting this from but my experience is very different.

    Its basic policy that St George do 90% IO for staff including Westpac staff from the time of submission so no need to do P&I and then change it to IO after settlement.
     
  18. sumterrence

    sumterrence Member

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    As far as I've been told by policy and procedure it is always the case no matter you are staff or normal walk ins.

    As I said the reason why St George can do it because they have a different procedure when switching from P/I to I/O compare to Westpac.
     
  19. Shahin_Afarin

    Shahin_Afarin Finance Broker

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    I can only go off my experience - I did my own loan last month 90% IO with St George and also another client did their's a few months before. Both we IO from the get go.
     
  20. Watson1

    Watson1 Member

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    STG provided you with a waiver, that very nice of them.